Tax notice to more than 10 thousand Bitcoin Investors, Transactions of 25,000 Cr

Tax notice to more than 10 thousand Bitcoin Investors, Transactions of 25,000 Cr

The Income Tax Department has sent a tax notice to thousands of people who have invested in Bitcoin and Crypto currency. This action has been carried out all over the country after the survey. According to the IT department, about 25 thousand crore rupees ($ 3.5 billion) deals have been made from Crypto currency in the last 17 months.

According to news agency Reuters, data from cities such as Mumbai, Delhi, Bangalore and Pune and nine exchanges of the country show that the highest investment in bitcoin and Crypto Currency are tech-savvy youth, real estate players and jewellers.

Governments and regulators around the world are concerned with increasing investment in bitcoin and Crypto currency. This issue will also be discussed in the G-20 summit in Argentina in March. The country’s government and the Reserve Bank of India have often advised not to invest on Crypto-currency. The government says that investing in crypto taxis is like investing in Ponzi schemes. Even after this, nearly 2 lakh Crypto currency investors are increasing every month.

In the Income Tax department in Karnataka, Investigation Director BR Balakrishnan said that after the information received from the survey, the notice has been issued to the investors. He told Reuters that we are not working as aggressively. We are awaiting the government’s decision on its legal tender.

Read :‘Bitcoin Bucket’ Launched by KFC in Canada

The Income Tax Department has demanded capital gains tax from those who have invested in some other crypto systems besides bitcoin. Apart from this, information about their holding and funding sources has also been sought. According to the department, many people have not provided this information in their income tax returns.
Bitcoin is the world’s largest Crypto Currency. It has been 1700% expensive in a year. Last year, the price of bitcoin reached 20 thousand dollars. Because of this boom, most investors are showing interest to invest in it.